4 Ways Custom Dashboard Reports Can Uncover Insights, Trends and Opportunities For Growth
The COVID-19 pandemic demonstrated the crucial need for residential construction Suppliers and Builders to find new ways to navigate and stay afloat during uncertain and unprecedented times. One of the best ways to stay ahead of competitors in good times and bad is to invest in an easy-to-use digital platform that offers accurate, detailed and timely data analytics. Using a custom dashboard to share select data with specific stakeholders enables residential construction companies to collaboratively improve business practices. By using a user-friendly visualization dashboard that incorporates key data, Suppliers can adopt a future-focused approach to improve business intelligence and engage in data-driven decision-making. Big data is any large or complex set of information that requires advanced analytics systems to process and manage. Research shows investing in big data advanced analytics can result in up to 10% sales growth, up to 5% higher return on sales and a margin uplift of 1 to 2%1.
Four Benefits of Real-Time Dashboard Data Insights
Analyze Builder Activity at Job Sites
Real-time reporting dashboards provide immediate and accurate status updates on key performance indicators and measure them against established performance thresholds. Analyzing this data provides the ability to continually improve decision-making skills. By evaluating Builder reports that cover volume, future activity, home counts and starts by week, Suppliers can identify issues and trends early to guide decisions and corrections on a more frequent and timely basis.
Predict Potential Risks
In order to plan and execute projects effectively, it’s essential to be able to predict risks precisely through intelligent use of data, including high-risk areas that impact resource availability, quality and safety. Implementing big data analytics in an easy-to-use dashboard provides invaluable insights to improve projections, identify and avoid potential problems and find opportunities to make improvements.
Consolidate and View Actionable Information
By consolidating performance measurements and trends into one dashboard, Suppliers can view summaries and snapshots and transform them into critical and actionable information. Analyzing performance indicators across multiple projects with account-level dashboards facilitates a global perspective with learning from all operations to make better educated business decisions.
Use Advanced Analytics to Solve Problems
Being able to solve problems quickly based on data plays a significant role in successful completion of construction projects. If issues such as schedule and order changes aren’t promptly and accurately assessed, this can cause major delays and a hit to your bottom line. An analytical dashboard that presents the right data in an organized way and makes it accessible to the right stakeholders with flags to draw attention to potential issues will help mitigate risks.
Uncover Insights, Trends and Opportunities with Insights by SupplyPro
Hyphen SupplyPro offers simple interfaces to manage and track jobs, orders and schedules in one convenient portal, and now it provides invaluable data. Insights by SupplyPro consolidates the details of Builder and Supplier data and presents high-level insights to Suppliers. The dashboard provides a view of critical productivity indicators and market activity and trends. It also provides the ability to track trends month over month, future activity and anticipated future revenue. Learn more about how you can stay competitive, even in times of uncertainty by gaining clarity, understanding and control of your most critical big data. Schedule an Insights by SupplyPro demo today!